43North, which is Buffalo’s latitude on the world map, is literally putting us on the map in the startup world. The competition continues to operate as part of Governor Andrew M. Cuomo’s Buffalo Billion initiative ($30 million in Buffalo Billion I and $25 million in Buffalo Billion II), with funding supported by the New York Power Authority.
Over the first six years of the competition, 43North has crowned 52 winning startups from across North America and as far away as Taiwan and Israel. Those companies have raised more than $430 million and created 600 jobs since becoming winners.
43North's award structure is as follows:
- One $1 million grand prize
- Seven $500,000 runner-up prizes
- $1 million in follow-on funding
Techstars, the worldwide network that helps entrepreneurs succeed, and 43North, announced a partnership in January of 2019 on a multi-year program to further develop and scale the Western New York entrepreneurial ecosystem. Together, Techstars and 43North will build a self-sustaining coalition of entrepreneurs, corporate partners, local and national investors, government and academic leaders, and startup enthusiasts within the community.
For more information, visit 43north.org.
In addition to the $5 million in prize money, the competition winners will relocate to Buffalo where they will receive free incubator space for a year, guidance from mentors related to their field, and access to other exciting incentive programs such as START-UP NY, a program that enables companies to operate tax-free in New York State for 10 years.
The winners are entrepreneurial champions who are ready and willing to use their ideas to invigorate the existing business community, attracting additional startups to the region in the future. When that happens, the Buffalo Niagara region will also be a winner with a core of fast-growing companies and exciting new jobs.
In 2014 Governor Andrew M. Cuomo launched 43North, the most ambitious startup competition ever unveiled in the United States. The competition is designed to systematically generate new business ventures in Western New York, support early-stage firm growth, and attract additional venture funding to the region. With $5 million in cash prizes, including a top award of $1 million, 43North has set out to turn the best new business ideas from around the globe into a reality, right here in our region.